McDermott and GE Launch io oil & gas consulting
January 15 2015 - 6:00AM
Business Wire
McDermott International, Inc. (NYSE: MDR) (“McDermott” or the
“Company”) and GE Oil & Gas (NYSE: GE) (“GE”) today launched io
oil & gas consulting, a new independent venture to transform
front-end offshore field development.
Unlike any other consultancy in the market today, io will
consider the full field as one system and have the technical
insight to develop every aspect of the front-end solution. It
offers a new consulting model that leverages the breadth of the
contractor community knowledge base end-to-end in a way that will
allow clients to buy a holistic service from one integrated and
unified service provider. The consultancy will be the first in the
industry to enable greater certainty for energy companies in the
design and planning phase of offshore oil and gas field
developments to help guide clients through the challenging
front-end arena.
“The io holistic offering is an innovative approach that
leverages the experience of two leading contractors, which can
remove the inefficiencies and interfaces between the major
components of field development that have historically increased
risks, uncertainty and costs for oil and gas operators,” said David
Dickson, President and Chief Executive Officer, McDermott.
McDermott’s investment in io aligns with the Company’s strategy
to become more client-focused and responsive to operators’
challenges. Through early engagement at the front end of complex
field development projects, io can help ensure sound engineering
design from the beginning to create execution efficiencies and
improved constructability.
While io is a venture of McDermott and GE Oil & Gas, its
independent operating model will ensure it provides the impartial
advice that energy companies are seeking, while benefiting from
having on-demand access to specialist resources to assist in
technical and commercial validation of its work. io offers energy
companies more efficient, customized solutions at all project
development stages – from portfolio evaluation, exploration and
planning support, appraisal and feasibility, conceptual
engineering, FEED and final investment decision support.
“io has the right end-to-end DNA and brings a new style of free
thinking that we expect will drive change in how projects are
brought to market. Focused on its clients’ priorities, io offers
unique value through broad and comprehensive field development
expertise. As a leading offshore engineering and construction
contractor, McDermott is proud to support io through its depth of
technical knowledge, experience and access to the right knowledge
for engineering, procurement, construction and installation
services, and specialist construction equipment,” said Dickson.
ABOUT McDERMOTT
McDermott is a leading provider of integrated engineering,
procurement, construction and installation (EPCI) services for
upstream field developments worldwide. The Company delivers fixed
and floating production facilities, pipelines and subsea systems
from concept to commissioning for complex Offshore and Subsea oil
and gas projects to help oil companies safely produce and transport
hydrocarbons. Our clients include national and major energy
companies. Operating in more than 20 countries across the
world our locally focused and globally integrated resources
include approximately 14,000 employees, a diversified fleet of
specialty marine construction vessels, fabrication facilities and
engineering offices. We are renowned for our extensive knowledge
and experience, technological advancements, performance records,
superior safety and commitment to deliver. McDermott has served the
energy industry since 1923 and is listed on the New York Stock
Exchange. As used in this press release, McDermott includes
McDermott International, Inc. and its subsidiaries and
affiliates.
To learn more please visit our website at www.mcdermott.com.
FORWARD-LOOKING
STATEMENTS
In accordance with the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995, McDermott International,
Inc. cautions that statements in this press release which are
forward-looking and provide other than historical information,
involve risks, contingencies and uncertainties that may impact
McDermott's actual results of operations. The forward-looking
statements in this press release include, among other things, the
expected benefits and increased efficiencies resulting from the
creation of io. Although McDermott's management believes that the
expectations reflected in those forward-looking statements are
reasonable, McDermott can give no assurance that those expectations
will prove to have been correct. Those statements are made based on
various underlying assumptions and are subject to numerous risks,
contingencies and uncertainties, including without limitation,
adverse change in the markets in which we operate or credit
markets, our inability to successfully execute on contracts in
backlog, changes in project design or schedules, the availability
of qualified personnel, changes in the scope or timing of
contracts, and contract cancellations, change orders and other
modifications. If one or more of these risks materialize, or if
underlying assumptions prove incorrect, actual results may vary
materially from those expected. You should not place undue reliance
on forward-looking statements. For a more complete discussion of
these and other risk factors please see McDermott's annual and
quarterly filings with the Securities and Exchange Commission,
including its annual report on Form 10-K for the year ended
December 31, 2013 and subsequent quarterly reports on Form 10-Q.
This news release reflects management’s views as of the date
hereof. Except to the extent required by applicable law, McDermott
undertakes no obligation to update or revise any forward-looking
statement.
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McDermott International, Inc.Investors & Financial
MediaSteve Oldham,
+1.281.870.5147soldham@mcdermott.comorTrade, General & Local
MediaLouise Denly, +1.281.870.5025ldenly@mcdermott.com
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